Woodside misses out on Cyprus PDF Print E-mail
Tuesday, 19 February 2013 08:32

Woodside Petroleum's first foray into Cyprus has come up dry.


A Woodside consortium failed in its bid for lucrative exploration acreage off the Mediterranean island, with Block 9 instead awarded to the Eni-Korea Gas partnership.

Woodside is yet to announce the outcome of its participation in Cyprus' second round of offshore bidding but could face investor questions tomorrow when it announces its full-year profit.

Woodside's bid was through a five-strong consortium comprising Israel's Delek Drilling and Avner Oil Exploration and Italy's Edison International and Enel Trade.

Woodside's surprise revelation last May that it was participating in Cyprus' offshore bidding spelt out for the first time managing director Peter Coleman's growth strategy for the Perth oil and gas giant.

Since then, Woodside has signed a deal to farm into the massive Leviathan gas field in Mediterranean waters off Israel and entered into exploration deals off Burma.

The Leviathan deal, under which Woodside will emerge with 30 per cent of the 17 trillion cubic feet gas field, is due to settle within weeks.

Tomorrow's profit will be dominated by the maiden contribution from the $15 billion Pluto LNG project, which started up last March and has exceeded all expectations.

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